What Determines Your Auto Loan Rate in Romeoville, IL?
Several factors contribute to your Illinois auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Romeoville could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My Romeoville Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Romeoville, IL. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Romeoville car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Romeoville, IL — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Romeoville, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Romeoville, IL no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Romeoville to purchase a new ride. Apply now to check today's lowest interest rates!